With the rapid revival of global commerce and tourism in the past two years, crossborder digital payments solutions are playing an increasingly pivotal role in shaping how consumers pay for their purchases abroad. Against this backdrop, innovative platforms such as Alipay+ are meeting rising demand for convenient and secure payment methods.
Many consumers in the region have only recently joined the cashless payments revolution, with many more expected in the coming years. According to the World Bank, more than 80 million adults in India and over 100 million in China made their first digital payment after the onset of the pandemic. In Southeast Asia, digital payments using e-wallets are expected to grow more than fivefold to over US$114 billion by 2025, from just US$22 billion in 2019, according to research by PwC.
“There has been a surge in consumers and travelers globally going cashless in recent years, and many payments solutions have emerged to cater to this growing demand,” says Douglas Feagin, President of Ant International.
Meanwhile, small and medium-sized enterprises (SMEs) are leveraging Alipay+ to reach this growing segment of consumers utilizing e-wallets and digital payments. As SMEs account for a substantial portion of economic activity globally, their growth is critical for economic resilience and growth.
By adopting cross-border digital payment solutions like those offered by Alipay+, SMEs can enhance their operational efficiencies and access broader markets. This is especially vital in a landscape where digital transactions are rapidly becoming the norm, influenced by consumer preferences for convenience and safety.
The group says Alipay+, the flagship product of Ant International, connects over 88 million merchants to 1.5 billion user accounts on over 25 e-wallets and banking apps across 57 countries and regions.
Online merchants accepting payments powered by Alipay+ come from sectors favored by global mobile-savvy users, including digital and entertainment, e-commerce, tourism and online-to-offline, encompassing Apple, Disney+, NBA, Amazon, Agoda and foodpanda, among others.
For Asian and European offline retailers, Alipay+ is enabled for payments across sectors including food & beverage, tourism and hospitality, retail and transportation. These include merchants such as Universal Studios in Japan, duty-free shops in South Korea, Printemps in France and the Duomo of Milan in Italy.
Alipay+ is also connected to the national QRs in Singapore, Malaysia and South Korea, and available through partnerships in Cambodia and Sri Lanka, enabling even the smallest local merchants to benefit from digital tourism, while allowing tourists to have a fully localized experience.
This expansive reach not only facilitates seamless and secure transactions, but also enriches the travel experience for millions as it enables them to make purchases without the hassle of costly currency conversion or carrying cash.
Alipay+ recently expanded its reach in Japan, connecting with 2 million merchants to cater to the influx of global tourists arriving for the cherry blossom season. With Alipay+, tourists can conveniently conduct cross border transactions in a wide range of establishments, from luxury boutiques in Tokyo to traditional tea houses in Kyoto, using their preferred e-wallets.
Opening Doors to Financial Services
In countries where credit card penetration remains relatively low, digital payments empower more individuals to engage in cross-border commerce and travel. In particular, Alipay+ caters to the needs of a younger demographic in Southeast Asia who may not yet have access to credit cards.
With Alipay+, users can utilize their own e-wallets while abroad, eliminating the need for multiple payment platforms and ensuring a smooth transaction process regardless of geographic location. This approach not only simplifies payments, but also promotes a more inclusive and accessible global financial ecosystem.
“Alipay+ is fostering financial inclusion on a global scale beyond the shores of your home country. With our cross-border payments solution, more people will find it easier and more cost effective to travel or make purchases,” says Feagin. He adds: “By offering such a convenient platform for travelers to make payments overseas, we are helping to facilitate global tourism, travel and commerce.”
He adds: “By offering such a convenient platform for travelers to make payments overseas, we are helping to facilitate global tourism, travel and commerce.”
Forging International Partnerships
Alipay+ is also making its presence felt at international events, such as this year’s Euro Cup in Germany. Alipay signed an eight-year deal to become UEFA men’s national team football sponsor from 2018 to 2026, including UEFA EURO 2024 and the UEFA Nations League finals.
For UEFA EURO 2024, Alipay+ is expanding its coverage by enabling more payment partner apps to be accepted across Germany and other popular European destinations.
This will involve connecting users of 13 international e-wallets and bank apps to tens of thousands of merchant stores across Germany, including in popular districts like Kurfürstendamm in Berlin, and Hofbräuhaus and Maximilianstraße in Munich.
This collaboration is expected to enhance the experience for Asian football fans traveling to Germany, as it offers them a familiar payment option.
Such strategic partnerships reflect Alipay+’s commitment to supporting the growth of global tourism and commerce, reinforcing its position as a key player shaping the future of cross-border digital payments.
Says Feagin: “By offering secure, efficient and accessible payment solutions, Alipay+ not only meets the demands of a digitally savvy global population, but also paves the way for a more connected and inclusive global economy.”
